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Global Customer Communications Management Market: Major Trends Reshaping the Future of the Industry
Customer Communications Management Market
What Will the Customer Communications Management Industry Market Size Be by 2025?
The size of the customer communications management market has registered significant growth in recent years. It is predicted to rise from $1.59 billion in 2024 to $1.75 billion in 2025, with a compound annual growth rate (CAGR) of 9.8%. Factors contributing to this notable growth historically include the adoption of multichannel communication strategies, the rise in customer-focused business models, a focus on regulatory compliance in communications, progress in digital and personalized marketing as well as the amplification of customer experience optimization.
What's the Long-Term Growth Forecast for the Customer Communications Management Market Size Through 2029?
In the coming years, the market size of customer communications management is projected to experience swift expansion, climbing to $2.86 billion by 2029 with a compound annual growth rate (CAGR) of 13.1%. This predicted surge during the forecasted timeframe could be owed to the broadening of omnichannel customer engagement, a swelling demand for interactive and multifaceted content, increasingly pronounced focus on customer communication data protection and security, and the thriving cloud-based customer communications management solutions. During this same period, key trends are expected to emerge including a rise in personalized and hyper-personalized customer communication, consolidation with customer relationship management (CRM) systems, the emergence of chatbot and conversational communications, increased embrace of rich media and interactive documents, alongside a shift towards automated and self-serviced customer communications.
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What Are the Key Growth Drivers Fueling the Customer Communications Management Market Expansion?
The escalation in the use of smartphones around the world is contributing to the expansion of the customer communication management market. The term 'smartphone penetration' essentially speaks to the ratio of active mobile phone subscriptions to the total mobile phone market. Customer communications are being handled through smartphones across a variety of channels, including live chat queries, feature requests via email, SMS/MMS, mobile experiences with responsive design, and notifications within apps. For example, a report by Uswitch Limited, a UK-based financial conduct authority, states that as of February 2023, mobile connections in the UK peaked at 71.8 million, marking a 3.8% rise, equating to about 2.6 million extra connections when compared to the previous year. Additionally, projections suggest that the UK's population will rise to 68.3 million by 2025, with roughly 95%, or approximately 65 million people, possessing a smartphone. Thus, the growing trend in smartphone penetration is anticipated to boost market expansion in the upcoming years.
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What Are the Key Trends Driving Customer Communications Management Market Growth?
The customer communication management market is gaining notable traction from cutting-edge technological innovations. Renowned players in the market are increasingly utilizing advances such as artificial intelligence, machine learning, natural language processing (NLP), automation, cloud-based solutions, and intricate analytics. These ground-breaking advancements are empowering businesses to offer more tailored, efficient, and adaptable customer communications, substantially ameliorating customer engagement and gratification across a range of channels and ensuring smooth and uniform communication all through the customer journey. In line with this, a US-based software firm specializing in data correctness instruments rolled out EngageOne RapidCX in May 2023, with the intent to radically transform Customer Communication Management (CCM), especially for strictly regulated sectors.
How Is the Customer Communications Management Market Segmented?
The customer communications managementmarket covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Vertical: IT And Telecom, Retail And eCommerce, BFSI, Healthcare, Travel And Hospitality, Government, Utilities, Other Verticals
Subsegments:
1) By Solution: Document Generation Solutions, Customer Engagement Solutions, Workflow Automation Solutions, Analytics And Reporting Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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Which Companies Are Leading the Charge in Customer Communications Management Market Innovation?
Major companies operating in the customer communications management market include Adobe Inc., Capgemini SE, CEDAR CX Technologies, Open Text Corporation, Sefas Innovation Inc., ABBYY Solutions Ltd., Avaya LLC., BCC Software LLC., Broadridge Financial Solutions Inc., Cincom Systems, Cognizant Technology Solutions Pvt Ltd., Crawford Technologies Inc., Dell Technologies Inc., Doxee S. p. A., Exela Technologies Inc., GMC Software AG, Hewlett Packard Enterprise Development LP, Kofax Inc., Messagepoint Inc., Newgen Software Technologies Limited, Hyland Software Inc., Objectif Lune Inc., OneSpan Inc., Oracle Corporation, Pitney Bowes Inc., The Ricoh Company Ltd., Xerox Corporation., Zoho Corporation.
Which Regions Are Leading the Global Customer Communications Management Market in Revenue?
North America was the largest region in the customer communications management market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the customer communications management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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